Retail Wreck? Over 1,000 Stores Close in a Single Week

It's been a tough week for the retail industry, with more
than 1,000 stores closing their doors for good. Luxury retailer Michael Kors
announced it would be closing over 100 locations, and electronics giant Radio
Shack closed 1,000 locations across America.

The retail industry, which represents $5 trillion in
economic impact, has changed significantly over the past several years. More
than 100,000 retail workers have lost their jobs since October 2016.

Industry analysts have been sounding the "retail
apocalypse" alarm for the past few months — but there are some who
disagree.

"I don't think [retail] is dead. It needs a
facelift," said Joseph Hancock, a professor of retail at Drexel
University's Westphal College of Media Arts & Design. "Retailers
really need to think outside the box on how they want to appeal to consumers to
get them back into the malls."

Hancock also told NBC News that many of the shopping
dollars that went to traditional mall retailers have been moving online, partly
thanks to generous incentives. Amazon, for example, recently introduced Amazon
Fashion, which offers free two-day shipping to its Prime customers.

With new digital players moving into traditional retail
territory, department stores have been hard hit. Sears, Macy's, and JCPenney
have all shut down locations over the past year. And the ripple effect of a
single anchor store closing can be devastating: When a Macy's shut down in New
Jersey, 107 people were laid off.

Department store closures also impact smaller boutiques.
Zeynep Yurderi, owner and designer at Zeyzani, an independent retail store at
the Moorestown Mall in New Jersey, credits her unique, handmade items for
continuing to bring shoppers into her store — but when one of the mall's anchor
stores shuttered, foot traffic declined, she told NBC News.

On the positive side, the changing retail industry is
creating opportunities for some. Outlet malls and travel-related businesses
have seen an increase in sales.

"In good times, people want a bargain. In bad times,
people need a bargain," Steven Tanger, CEO of Tanger Outlets, told NBC
News.

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